If you’re an avid podcast listener, you’re aware of the ads that hosts include in their shows to monetize their content. However, from a business perspective, has your company considered getting involved? Surprisingly, podcast marketing is becoming a very effective form of communication from hosts to listeners- and listeners don’t mind the ads. Most people groan about the loan commercial breaks on radio and television, but podcast listeners understand the needs for ads. 78% of consumers said they know the ads fund the podcast, and 62% of listeners said that hearing ads on podcasts would make them consider new products or services. Listeners understand the ads are there to balance out the free value provided for the listener. Wouldn’t you rather listen to a 60-second advertisement than have to pay for your favorite podcast? I know I would.
What even is a podcast?
Let’s start from the beginning on the history of podcasts. Podcasts are like radio shows, however they’re always available on channels such as Spotify and Apple Music. You can listen to past episodes, speed them up, and even skip or rewind… just like music. Podcasts are arguably taking over the radio industry, and today there are over 700,000 active podcasts with over 29 million podcast episodes. At the touch of your fingers, you can become educated on any topic through audio learning, while completing everyday tasks. Pretty amazing right? Podcasts are popular for commutes, listening at work, as well as listening at home. Weekly Podcast listeners spend an average of 6 hours 37 minutes per week listening to podcasts, which is a significant amount of audio consumption. Advertisers have begun adapting to this new mode of communication, and the forecasted podcast ad revenue for 2020 is a whopping $659 Million.
How Podcast Marketing is better
Podcasts are often very specific based on genre, content discussed, and overall theme of each episode. This creates an advantage for advertisers wanting to utilize podcast marketing because of the ability to hyper-specify your audience. Generally, podcast listeners have similar characteristics or interests to the host and other listeners, which makes it even easier for brands to reach niche customers. For example, if you’re listening to podcasts related to cooking or baking, this would be the perfect platform for someone to advertise a cookbook. Or a mindfulness and meditation podcast could be good for advertising a weighted blanket. Catering to the listener not only helps your company, but also benefits the customer by informing them of a new product that could be of convenience to them. Podcast marketing helps create a perfect match between what the customer needs and what a company can provide. MNI targeted media pointed out that, “Podcasts curate content to the passion points and interests of listeners with an efficiency few other mediums can match. They fit into peoples’ lives.” Lastly, podcasts allow listeners to feel connected to the host. Listening to the host voicing their trusted opinion on products automatically has a greater effect than a pre-recorded commercial pitching why you should buy the product. There’s a saying that ‘you are what you listen to’ and this is especially true with podcasts. People you interact with shape your behavior in your everyday life, including podcasts.
How your company can get involved
The first step in getting involved in podcasts is finding one that your company has similarities to and can be recognized by the podcast host. To do this, you must make sure the product you’re attempting to advertise is relevant to the listener-base and can add value to their everyday lives. Next, you should decide what type of partnership you’re in search of. The industry standards for podcast advertising are typically a 15-second pre-roll or 6- second mid-roll. In a pre-roll, the host talks about the sponsor’s product or service before the main content. A mid-roll is inserted between the and often involves the host telling a personal story related to the product. Mid-rolls can provide a more personalized message in relation to the product, which sometimes leads to a longer lasting effect on listeners. There are many platforms that assist in facilitating these partnerships.
Overall, if your company isn’t actively researching podcast advertising opportunities, your competitor is. Dedicating time to finding the right podcast to communicate to your audience is essential in today’s day and age.
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